Traditional assets swing amid US-Iran conflict over the weekend…decentralized exchanges draw attention

Global financial assets swung as the Middle East conflict, sparked by US and Israeli airstrikes on Iran, intensified. With traditional financial markets closed, crypto (digital-asset) based decentralized exchanges—where trading is available 24 hours a day—are drawing attention as an alternative.

According to Bloomberg on the 1st (Korea time), crude oil perpetual futures traded on the decentralized derivatives exchange Hyperliquid (HYPE) rose over the weekend to around $70 per barrel, posting volatility of roughly 5%. Gold and silver climbed to $5,323 per ounce (+1.3%) and $94.9 (+2%), respectively.

Trading volumes also increased noticeably. Silver perpetual futures saw more than about $227 million in turnover over the past 24 hours. Gold also recorded trading volume of about $170 million.

Perpetual futures are crypto-based derivatives with no expiry, enabling 24-hour leveraged trading. Bloomberg said investors are using decentralized exchanges—where immediate price discovery is possible even on weekends when traditional markets do not support trading—as a hedging tool.

Jake Ostrovskis, head of OTC trading at Wintermute, said, "It’s true that crypto came under selling pressure as tensions in the Middle East escalated, but 24-hour-traded Bitcoin (BTC) effectively served as the most liquid asset," adding, "because it was one of the only markets where investors could express views on macro risk or hedge over the weekend."

He added, "This case shows the need for more asset classes, including commodities, to trade 24 hours a day."